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Prosper Review: A New Kind of Lending Model
Prosper is a peer-to-peer lender that lets investors loan funds directly to borrowers. This lending model makes it easier to qualify, even if your credit isn’t perfect. The application process is quick and easy, letting you see whether you qualify within minutes.
Min. Credit Score 640+
Loan Amount $2K-$40K
Loan Repayment 36-60 months
Written by:Stephanie Faris
You can use your Prosper loan for a variety of purposes, including home improvements, vacations, and debt consolidation. It’s a great loan option for those looking for just a little extra money who might not qualify for a personal loan through a traditional lender. This Prosper review will discuss the pros and cons of this peer-to-peer lending model.
Summarized Rating
Loan Features3.3
Interest Rates and Fees2.3
Qualification Leniency4.5
Application Process4
Customer Support4
User Reviews4.4
This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.
Prosper gets a below average rating of 3.3 for Loan Features. This reflects the lender’s average term lengths and fairly restrictive loan limits. The absence of any loan use limitations provides a boost to the rating.
Prosper Pros and Cons
Prosper Pros
Prosper Cons
Next, you’ll be asked the purpose of your loan. Prosper loan requirements are fairly loose when it comes to loan purpose, but keep in mind that your reason for the loan could influence whether investors agree to let you borrow the money.
FAQs
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This app literally changed my like. It provides a great experience. I absolutely love it!
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About the Author
Stephanie Faris
Stephanie Faris is a professional content writer and author specializing in financial content. Her work has been published on Money Under 30, Sapling, PocketSense, and Retirable, among many others.
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